The milk tea company did not disclose the number of stores it closed in the two countries, but said in its latest financial report that it focused on “optimizing existing stores’ operations to support their long-term, sustainable and stable operations.”
But it expanded in several other countries like the U.S. and Kazakhstan and opened its first stores in Malaysia and Thailand, though under a different brand, Lucky Cup.
Mixue had 59,823 stores globally at the end of last year, including 55,356 in mainland China.
A Mixue store in Hanoi, Vietnam. Photo courtesy of Mixue |
Indonesia and Vietnam are its two largest overseas markets. It had 1,304 stores in Vietnam as of September 2024, according to the prospectus filed for its Hong Kong IPO in early 2025.
In the country, it is accelerating the transition from a traditional small-store format to larger outlets. New locations feature expanded preparation counters, street-facing storefronts and larger floor areas than earlier, and the chain is also prioritizing prime locations.
Mixue entered Vietnam in 2018, initially focused on Hanoi and northern provinces but has since expanded nationwide. Its key products include lemonade, ice cream, milk tea, and fruit tea, all priced at VND10,000–30,000.
It said it maintains low prices by controlling its supply chain, from raw material production and logistics to R&D and quality control.
In a 2024 report store management platform iPOS said Mixue has been a major force in reshaping Vietnam’s milk tea market, playing a significant role in expanding the affordable beverage segment, and has an aggressive franchising strategy.
Mixue said it would continue to increase its presence in Southeast Asia, enhancing its franchisee network in the region.
Last year its revenues shot up by 35% to RMB33.56 billion (US$4.9 billion), and net profits by 33% to RMB5.93 billion.
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